© Reuters. FILE PHOTO: A worker carries sacks of vegetables at a wholesale market, as Sri Lanka’s key inflation rate eases to 25.2% in May, in Colombo, Sri Lanka June 1, 2023. REUTERS/Dinuka Liyanawatte/File Photo
By Uditha Jayasinghe
COLOMBO (Reuters) -Sri Lanka’s economy shrank 11.5% in the first three months of 2023 from the previous year, government data showed on Thursday.
The country is experiencing its worst financial crisis in decades.
The state-run Census and Statistics Department said the agriculture sector showed growth of 0.8%, while industries contracted 23.4%, and services dropped 5%.
Sri Lanka’s central bank projects that GDP will shrink by 2% this year while the International Monetary Fund (IMF) estimates a contraction of 3%.
by : Reuters
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